West Virginia Exploration Agreement
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How to fill out Exploration Agreement?
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FAQ
In many families, there's debate over the owners of mineral rights or surface rights. You can use the local authority website to find the general information in the state and county records.
As a mineral rights value rule of thumb, the 3X cash flow method is often used. To calculate mineral rights value, multiply the 12-month trailing cash flow by 3. For a property with royalty rights, a 5X multiple provides a more accurate valuation (stout.com).
Mineral interests in WV are taxed the same as your home. You will pay 60% of the appraised value on the minerals at the levy rate for your county.
To determine if you own the mineral rights on a parcel, you will first need to check the deed. The mineral rights may have been severed from the surface at some point in time. If your deed does not list this information, you will need to contact the County Clerk in the county where your minerals are located.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.